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All Bonds surrendered upon any exchange or transfer provided for in this Resolution <br />shah be promptly cancelled by the Bond Registrar and thereafter disposed of as directed by the City. <br /> <br /> All Bonds delivered in exchange for or upon transfer of Bonds shah be valid <br />obligations of the City evidencing the same debt, and entitled to the same benefits under this <br />Resolution, as the Bonds surrendered for such exchange or transfer. <br /> <br /> Every Bond presented or surrendered for transfer or exchange shall be duly <br />endorsed or be accompanied by a written instrument of transfer, in form satisfactory to the Bond <br />Registrar, duly executed by the registered owner thereof or the registered owner's attorney duly <br />authorized in writing. <br /> <br /> The Bond Registrar may require payment of a sum sufficient to cover any tax or <br />other governmental charge payable in connection with the transfer or exchange of any Bond and any <br />legal or unusual costs regarding transfers and lost Bonds. <br /> <br /> Transfers shall also be subject to reasonable regulations of the City contained in any <br />agreement with the Bond Registrar, including regulations which permit the Bond Registrar to close <br />its transfer books between record dates and payment dates. <br /> <br /> 12. Rights Upon Transfer or Exchange. Each Bond delivered upon transfer of <br />or in exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and <br />unpaid, and to accrue, which were carried by such other Bond. <br /> <br /> 13. Interest Payment; Record Date. Interest on any Bond shall be paid on each <br />Interest Payment Date by check or draft mailed to the person in whose name the Bond is registered <br />on the registration books of the City maintained by the Bond Registrar and at the address appearing <br />thereon at the close of business on the fifteenth (15th) day of the calendar month preceding such <br />Interest Payment Date (the "Regular Record Date"). Any such interest not so timely paid shall cease <br />to be payable to the person who is the registered owner thereof as of the Regular Record Date, and <br />shall be payable to the person who is the registered owner thereof at the close of business on a date <br />(the "Special Record Date") fnced by the Bond Registrar whenever money becomes available for <br />payment of the defaulted interest. Notice of the Special Record Date shall be given by the Bond <br />Registrar to the registered owners not less than ten (10) days prior to the Special Record Date. <br /> <br /> 14. Treatment of Registered Owner. The City and Bond Registrar may treat the <br />person in whose name any Bond is registered as the owner of such Bond for the purpose of <br />receiving payment of principal of and premium, if any, and interest (subject to the payment <br />provisions in paragraph 13 above) on, such Bond and for all other purposes whatsoever whether or <br />not such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected by <br />notice to the contrary. <br /> <br /> 15. Delivery; Application of Proceeds. The Bonds when so prepared and <br />executed shall be delivered by the City to the Purchaser upon receipt of the purchase price, and the <br />Purchaser shall not be obliged to see to the proper application thereof. <br /> <br /> 16. Fund and Accounts. There is hereby created a special fund of the City <br />designated the "$1,275,000 General Obligation Improvement Bonds, Series 2003A Fund" (the <br /> <br />S:~&DMIN~Resolufions\2003 Resolutions\ Unapproved~Bondl.DOC 16 <br /> <br /> <br />